Where would valve be without Steam?

They would have to make more games. They would be under the publisher's wing and he would make them release more games. But their publisher was Sierra and Sierra... well, they've done goofed, so might've Valve.

Working in a fast food restaurant.

In a nutshell :)

Where would we be without Steam?

They'd be the ones making another call of duty game... Thank god for steam.

Good scenario: we'd be playing Half Life 4, Or Half Life 5. And there probably would be no free2play TF2, little chance of Left4Dead and no chance of Portal2.

Bad scenario: Valve would be like Crytek (it's this good-bad scenario) or DICE (bad-bad scenario) property of EA, and next Half Life games would be about Gordon and Alyx fighting islamic russians from space while protecting USofA.

Worst scenario: Valve would be Sladgehammering Infinity Treyarch working on next CoD.

In all of this scenarios PC gaming would be mostly dead, and we all would by typing with pads...

Valve would have ceased to exist.

PC gaming would be dead(er)...

Half life 3

Steam gives them more money , but I believe the quality of their games is not affected since game devs and steam staff are different people.

EA, probably D: